News

Bank payments to use mobile numbers.

Bank payments will shortly no longer require sort codes and account numbers
as part of a new scheme that uses mobile phone numbers to route payments.

The Payments Council yesterday detailed the scheme, called PayM, that
launches in May, with nine banks onboard including Barclays, Halifax and
Santander.

By the end of 2014 seven additional banks will join, including The Royal
Bank of Scotland.

PayM will be integrated into banks’ mobile apps according to Payments
Council chief executive Adrian Kamellard, who said that it would help spur
payments by using the more easily memorable mobile number digits.